Contribution of Blockchain in Development of Metaverse

Metaverse is becoming the new standard for social networks and 3D virtual worlds when Facebook officially rebranded to Metaverse in October 2021. Many relevant technologies are used in the metaverse to offer 3D immersive and customized experiences at the user’s fingertips. Despite the fact that the metaverse receives a lot of attention and advantages, one of the most pressing concerns for its users is the safety of their digital material and data. As a result of its decentralization, immutability, and transparency, blockchain is a possible alternative. Our goal is to conduct a comprehensive assessment of blockchain systems in the metaverse to properly appreciate its function in the metaverse. To begin with, the paper introduces blockchain and the metaverse and explains why it’s necessary for the metaverse to adopt blockchain technology. Aside from these technological considerations, this article focuses on how blockchain-based approaches for the metaverse may be used from a privacy and security standpoint. There are several technological challenegs that need to be addressed for making the metaverse a reality. The influence of blockchain on important key technologies with in metaverse, such as Artifical Intelligence, big data and the Internet-of-Things (IoT) is also examined. Several prominent initiatives are also shown to demonstrate the importance of blockchain technology in the development of metaverse apps and services. There are many possible possibilities for future development and research in the application of blockchain technology in the metaverse.